If you are in the construction business, you might be thinking about going out and buying new equipment so that you will have what you need for each job. However, in some situations, you might find that renting equipment is actually a better choice. These are a few signs that you may want to think about working with a heavy equipment rental company rather than going out and purchasing all of your equipment.
1. Your Business is New
If you are new to the construction world, or if you have been working in construction for years but have finally just opened up a business of your own, you might be excited about going out and buying a lot of bright and shiny equipment for your company. However, the first couple of years can be tough for any business, including one in the construction industry. Holding on to as much capital as possible can be a smart decision to help you grow your business and get through the lean times in the beginning. Plus, if your business is new, you might not be totally sure of what types of jobs you will be doing, so it might be smart to hold off on buying equipment until you get a better feel for what your customer base will want.
2. You Do a Lot of Different Types of Jobs
Some construction businesses focus on just a few specific things, while others do all sorts of different jobs. If your business falls into the latter camp, then you might need different types of equipment for each job. For example, you might need different equipment for residential jobs than for commercial jobs. Buying all of the different types of equipment that you need might be challenging and expensive, and it might be unnecessary, too, when you can just rent what you need for each job instead. Then, you'll always know that you have the right equipment to use for each job, and you won't have to worry about turning down jobs because you don't have the right equipment for the job, either.
3. You Don't Have Much Storage
If you do most of your work on the job site, you might not really have a large shop -- if you even have a shop at all. Some construction companies, for example, are based out of the owners' homes. If this is the case for you, you might not have much storage for your equipment. In this situation, renting equipment and returning it when you're finished with it can be a smarter choice.
As you can see, for some construction businesses, renting equipment is a better choice than buying it. These are a few signs that it might be time to talk to a heavy construction equipment rental company about your equipment-related needs.Share